Colon started off as the better side at Estadio Dr. Lisandro de la Torre in Rosario, but the match soon turned into a predictably scrappy affair as both sides scrambled to secure survival.
Atletico eventually grew into the match and broke the deadlock just before the half-hour mark through Rodrigo Depetris.
A few moments later, Jacobo Mansilla received his marching orders, giving Colon a mountain to climb in the final stages and they ultimately succumbed to defeat and subsequent relegation.
Colon found themselves in the relegation play-off after averaging just 1.246 points per match over the previous three domestic seasons, level with Atletico.
The club's deduction of six points in November 2013 for unpaid transfer fees proved particularly costly in the end, as the Santa Fe-based club would have otherwise finished with a 1.298 average, comfortably seeing them finish 13th.
While Colon looked the more ambitious side in terms of attacking intent early on, Atletico looked perfectly capable on the counterattack.
Atletico's best chance of the first half saw Diego Vera try his luck from just outside the area, but the post came to Colon's rescue.
Atletico were well on top by the end of the first period and they were rewarded in the 57th minute as Depetris nodded Cristian Canuhe's cross in from just six yards.
Things went from bad to worse for Colon seven minutes later as Mansilla earned a controversial straight red for an aerial collision with Depetris.
Federico Gonzalez missed the chance to double Atletico's lead late on and Colon almost capitalised in stoppage time as Lucas Alario put a lobbed effort agonisingly over the bar.
Despite Colon's late pressure, Atletico held on to the win to retain their status as a top-flight club for at least another year.
